Adani Group’s Open Offer For NDTV Will Begin On November 22
November 14, 2022: On August 23 this year, Adani Group’s AMG Media Networks announced its subsidiary Vishwapradhan Commercial Private Limited (VCPL)’s decision to exercise its rights to acquire 99.5 per cent equity shares of NDTV Promoters’ investment company RRPR.
A decade ago, VPCLA paid the founders of NDTV Rs. Loans of more than 400 crores were given. The Adani group, led by billionaire industrialist Gautam Adani, on Friday announced a revised timeline for its proposed open offer to acquire an additional 26 percent shareholding in news broadcaster NDTV.
The offer will now open for subscription on Tuesday, November 22 and close on December 5, the company said in a stock exchange filing.
Earlier, the timeline for the offer to buy stake in NDTV was October 17 to November 1. The revised timeline comes after the company wrote to the Securities and Exchange Board of India (SEBI) last month to reaffirm its commitment to complete the open offer process for additional shares in NDTV.
“VCPL reaffirms its commitment to complete the open offer process (pending completion of the underlying transaction) and is requested to provide its observations on the draft letter of offer filed with SEBI in connection with the open offer, SEBI (SAST) Regulations,” the Adani group said. said.
On August 23 this year, Adani Group’s AMG Media Networks announced its decision to exercise its rights to acquire 99.5 per cent equity shares of RRPR, the investment company of NDTV promoters – Prannoy Roy and Radhika Roy – from its subsidiary Vishwapradhan Commercial Private Limited (VCPL).
A decade ago, VPCL gave the founders of NDTV Rs. 400 crore which allowed it to acquire 29.18% stake in NDTV at any time.
VCPL holds 1,990,000 warrants of RRPR holding which entitles it to convert into a 99.99 percent stake in the latter. VCPL has partially exercised its option, resulting in acquisition control of RRPR Holding – 1,990,000 equity shares or 99.50 per cent.
RRPR Holding owns 29.18 percent stake in NDTV which owns three national television channels. This raised the issue of open offer to acquire shares of NDTV from the public as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
However, NDTV’s owners argued that the deal could not go ahead without approval from SEBI and the IT department. The Adani Group claimed that the deal did not require approval from the IT department.
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